SI explanatory text
These Regulations amend the Pension Schemes Act 2021 (c. 1) (“the 2021 Act”) in order to remove the exclusion of pension schemes used, or intended to be used, by two or more employers some or all of which are not connected with each other (“unconnected multiple employer schemes”) from the definition of “qualifying scheme”. This enables such schemes to be “collective money purchase schemes” for the purposes of Part 1 of the 2021 Act, which extends to England and Wales and Scotland. The Regulations also make further provision about such schemes - such as the detail of the authorisation and supervisory regime to which such schemes will be subject, amend the Occupational Pension Schemes (Collective Money Purchase Schemes) Regulation 2022 (S.I. 2022/255) (“the 2022 Regulations”) and make provision for amendments to legislation in relation to schemes providing collective money purchase benefits.